Applegreen Powers Forward with $58.92M E-470 Service Plazas Bond Financing
Deal News | Aug 08, 2025 | Hogan Lovells
Hogan Lovells has advised Applegreen on a $58.92 million bond financing for the transformation of decommissioned toll plazas into four new service plazas along Colorado’s E-470 toll road. This initiative, supported by the Public Finance Authority Senior Lien Revenue Bonds and marking a significant investment reaching $70 million, encompasses legal guidance on project development, financial structuring, and agreements concerning land and operations with the E-470 Authority. Collaborating with local cities, the project aims to deliver modern service amenities including food and beverage venues, convenience retail, EV charging stations, and enhanced rest areas. Applegreen is slated to open the first service plaza by late 2026, followed by additional openings shortly thereafter. The legal advisory team from Hogan Lovells played a pivotal role in managing the intricacies of this transformative infrastructure initiative.
Sectors
- Infrastructure
- Finance
- Legal Services
Geography
- United States – The project is located in Colorado, involving local municipalities in the U.S.
- Colorado – The E-470 service plazas project is a significant infrastructure development within the state of Colorado.
Industry
- Infrastructure – The article focuses on the development of service plazas, a key component of transportation infrastructure, along the E-470 toll road.
- Finance – The bond financing and investment details are central to the article, highlighting the financial aspects of infrastructure development.
- Legal Services – Hogan Lovells' legal advisory role in the bond financing and project agreements underscores the legal services sector.
Financials
- US$58.92 million – Amount raised through bond financing for the E-470 service plazas project.
- US$70 million – Total investment by Applegreen in the service plazas project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Applegreen | Borrower/Project Developer | Company | Applegreen is leading the development of the service plazas and is the recipient of the bond financing. |
| Hogan Lovells | Legal Advisor | Company | Hogan Lovells is providing legal advisory services to Applegreen for the bond financing and project development. |
| E-470 Public Highway Authority | Project Partner | Government | The Authority collaborates on the development of the service plazas along the E-470 toll road. |
| Public Finance Authority | Bond Issuer | Government | Issuer of the Senior Lien Revenue Bonds to fund the project. |
| City of Aurora | Project Partner | Government | One of the municipalities involved in the collaborative effort for the service plazas project. |
| City of Parker | Project Partner | Government | One of the municipalities collaborating on the service plazas project. |
| Commerce City | Project Partner | Government | A municipality involved in the E-470 service plazas project. |